Abu Dhabi plans to raise $40 billion in oil investments

Abu Dhabi National Oil Company (ADNOC) estimated an average of 1.5 million barrels of crude a day from its main onshore fields and is halfway through a planned US$40 billion investment plan. It has boosted a capacity to about 1.6 million barrels daily from 1.4 million before the expansion at its largest land-based deposits.

The Abu Dhabi Company for Onshore Oil Operations or the Adco venture will increase the daily pumps to 1.8 million barrels a day by the end of 2017. Abu Dhabi’s $40bn plan, which is in the middle of the 5-year plan aimed at boosting oil and natural gas output and expanding petrochemical and refining facilities according to official at ADNOC.

The $25bn of the planned investment accounted to gas developments and Abu Dhabi considers studying a whole list of potential reservoir both in onshore and offshore areas to further increase supply. Adco, being operated by ADNOC along with partners Royal Dutch Shell, Exxon Mobil, BP Total and Partex Oil and Gas will venture the latest version of oil production agreement that dates back 1939.

The partners and other companies interested in working on the onshore fields are set to submit bids for the onshore oil rights by October. Abu Dhabi plans to raise crude production capacity in the emirate to 3.5 million barrels a day by the end of 2017, which includes the ADCO deposits as well as offshore fields and areas outside the concession.